TRXを担保にトロンのウォール街での期待は崩壊するのでしょうか?
Tron’s reverse merger will test whether a company can treat its own crypto as collateral without collapsing under the risk. Justin Sun’s Tron is about to challenge what Wall Street considers a legitimate corporate asset, and if it fails under pressure, the fallout could ripple far beyond the company itself.
On June 16, toy maker SRM Entertainment announced it will rebrand as Tron Inc and adopt a treasury strategy centered on TRX
TRX
$0.2795
, the native cryptocurrency of the Tron blockchain.
The move — widely defined as a reverse merger — is backed by a $100-million private investment, potentially rising to $210 million if warrants are fully exercised. Tron founder Sun will serve as an adviser.
Tron’s strategy puts TRX to the test as a corporate reserve asset. While Bitcoin
BTC
$105,468
has gained traction on public balance sheets, TRX is more thinly traded, centrally controlled and closely tied to the company itself.TRX had an immediate 5% spike after the announcement. Source: CoinGecko
Tron’s TRX strategy is riskier than Bitcoin treasuries In the first half of 2025, a growing number of publicly traded companies adopted cryptocurrencies in their treasuries. Strategy (formerly MicroStrategy) popularized the aggressive Bitcoin acquisition playbook that inspired global firms to follow suit in hopes of reversing the fortunes of its slumping shares. Now, companies are anchoring treasury plans around assets like Ether ETH $2,538 , Solana SOL $148.74 and XRP. But the shine is wearing off, as announcing a crypto treasury strategy is no longer a guaranteed path to a soaring stock price.“[Michael] Saylor has a lot of experience with structured products, being a listed company, financial legality and processes, a now long-standing process for crypto flows and a clear investor offering. A lot of these newer vehicles do not,” Justin d’Anethan, head of sales at token launch and distribution platform Liquifi, told Cointelegraph.
“While I can’t say they’ll necessarily mess up, there’s just an implied higher risk,” he added.
Sun’s plan stands apart from other crypto treasuries. If realized, Tron Inc would become the first US company to hold its own blockchain’s native token as a corporate reserve.
Jamie Elkaleh, marketing chief at Bitget Wallet, told Cointelegraph:“The company is essentially holding its own equity-like asset as collateral. This is circular and risky.”“If confidence in Tron Inc falters, TRX may drop, which then tanks Tron Inc’s perceived value even further,” he added, highlighting a feedback loop.
Tron and SRM Entertainment did not respond to Cointelegraph’s request to comment.TRX is one of the largest cryptocurrencies by market capitalization. As of June 17, it ranks eighth with $26.2 billion. But unlike Bitcoin, TRX lacks comparable institutional demand and trades with much lower volume, CoinGecko data shows.
Despite Tron’s announcement, TRX recorded a 24-hour trading volume of just $1.75 billion as of June 17 — far below Bitcoin’s $34.3 billion and trailing other treasury coins like XRP and Solana. But Tron is far from a ghost chain and boasts one of the most active ecosystems in the industry.
“To be fair, Tron’s been around and plays a major role in stablecoin flows, so there’s real activity under the hood,” d’Anethan said.TRX launched on Ethereum in August 2017 and migrated to its own blockchain in June 2018. It has weathered multiple bear markets and grown into the second-largest network for stablecoins, with the largest circulation footprint of Tether’s USDt USDT $1.00 in the world.Tron trails Ethereum in stablecoin market cap but leads all networks in USDT circulation. Source: DefiLlama
Tron trails Ethereum in stablecoin market cap but leads all networks in USDT circulation. Source: DefiLlama